NFTs, or non-fungible tokens, are widely used today. These digital assets, which range from tacos and toilet paper to tacos and exquisite Dutch tulips from the 17th century, are selling for millions of dollars at times.
But do NFTs live up to the buzz or the cost? Like the dot-com bubble or Beanie Babies, some experts believe they are a bubble that is about to burst. Others think NFTs are here to stay and will fundamentally alter investment.
What Is an NFT?
A digital asset known as an NFT is a representation of a real-world item, such as artwork, music, in-game items, or films. They are regularly purchased and traded online in exchange for cryptocurrencies, and they are typically encoded using the same software as many other cryptos.
NFTs have been around since 2014, but they are just now becoming well-known since they are a more and more common way to acquire and trade digital art. A startling $41 billion was spent on the NFT market in just 2021, which is almost as much as was spent on the entire world’s fine art market.
NFTs often have unique identification codes and are one of a kind, or at least one of a very small run. Arry Yu, managing director of Yellow Umbrella Ventures and chair of the Cascadia Blockchain Council for the Washington Technology Industry Association, asserts that NFTs essentially produce digital scarcity.
This contrasts sharply with the majority of digital works, which nearly always have an endless supply. Theoretically, if an asset is in demand, reducing its supply should increase its value.
The individual photographs, as well as the full collage of images, are available for free internet viewing by anybody. So why do people want to pay millions on something they can just download or take a screenshot of?
Since an NFT enables the buyer to retain ownership of the original item. Additionally, it has built-in authentication that serves as ownership confirmation. The “digital bragging rights” are almost more valuable to collectors than the actual item.
Many designers and artists are looking at how to create and sell NFTs as a potential new source of income. NFTs can safeguard ownership of digital assets, provide access to new communities, and even be used to record the ownership of things in the actual world, so they are more than just a new way to sell art.
Top 10 NFT Projects for 2022 Investment
The past two years have seen a lot of discussion surrounding non-fungible tokens. The Bored Ape Yacht Club and other well-known collections have sold certain artworks for millions of dollars. At upscale auctions like Christie’s, artists have also sold digital works of art for tens of millions of dollars.
The NFT business is experiencing massive growth thanks to the buzz surrounding these high-value items, but which projects are the best to support?
Gary Vaynerchuk, a successful serial entrepreneur, is the creator of VeeFriends. Gary holds the positions of CEO of VaynerMedia, Chairman of VaynerX, and Owner/Creator of VeeFriends.
VeeFriends, in a nutshell, is a pass to Gary V’s multi-day super conference, to which only VeeFriends token owners are allowed.
The world’s first NFT ticketed conference is VeeCon. At VeeCon, the community of VeeFriends token owners comes together to form enduring relationships, exchange innovative ideas, and advance collective knowledge.
A play-to-earn metaverse, Silks allows players to earn rewards by participating in a simulation of the thoroughbred horse racing industry, replete with thoroughbred racehorses being offered for sale as NFTs.
The project’s large team is led by founders with substantial backgrounds in business, development, and project management, including Dan Nissanoff, Troy Levy, Benjamin (Binny) Plotkin, and Michael Lira.
The horses in the NFTs are replicas of thoroughbreds in real life. The owner of the horse’s NFT in the Silks metaverse benefits when a real-world horse wins a race.
In the Play to Earn football manager Dribblie, players from many galaxies compete for glory. Stake, own, or rent NFTs to generate money while doing what you love most: playing football.
The first deflationary play in the game is Dribblie. Deflationary NFTs imply an increase in value over time for the remaining assets. Unique burning and staking procedures, which are the main forces behind the game and supply chain, are used to accomplish deflation.
The 10,000 distinct NFTs in the Doodles NFT collection, which has hundreds of varied attributes, were created by Evan Keast, Jordan Castro, and Scott Martin. The colourful doodles that make up each NFT in the collection show an animated skeleton, animal, alien, human-like entity, or spacecraft.
Doodles NFT collectors get first access to newly released goods and hosted events. Owners of Doodles can vote on significant features, goods, and occasions because the platform has decentralised governance.
5. Fly Fish Club
The Flyfish club, another project of Gary Vaynerchuk, is the first exclusive private dining club in the world for NFT members. Members of the Flyfish club will have access to a private dining area in New York City that is more than 10,000 square feet in size.
There are two types of FFC memberships: the ordinary Flyfish members cost 2.5 ETH, and the Flyfish Omakase, which includes the omakase room, costs 4.25 ETH.
You can reserve a table for up to 8 non-token holders with the basic Flyfish membership. You can reserve a table for the same number of people using the Flyfish Omakase option, but you can only bring one person to the omakase room.
Moonbirds was created by the business Proof Collective, which was founded by Kevin Rose and Justin Mezzell. The collection was produced by the corporation with community and utility in mind. Each Moonbird serves as a key to exclusive gatherings, projects, and events.
More than 10,000 NFTs are included in this collection, which includes cartoon owls with distinctive characteristics. Even robotic and skeletal owls are featured in a few items in the collection.
As they “skate between the fuzzy limits of the actual and digital worlds as they are beginning to combine,” Azuki are the self-described internet skaters.
Azuki is a project that consists of 10,000 avatars and grants participants access to “The Garden.” Azuki believes that their initiative will converge the real and virtual worlds in the Garden. For streetwear collaborations, further NFT drops, and potential live events, Azuki makes use of its characters and partnerships.
With recent releases like Bobu the Bean Farmer, Azuki has also been seen pushing the envelope. All owners in the community will be able to control the Bobu character within the Azuki universe thanks to Bobu, the Bean Farmer, who was to fractionalize the artwork and generate a Bobu Token. In this distinctive web3 experiment, Bobu’s future will be decided by the token holders.
Artist DeeKay Kwon is responsible for the well-known #LetsWalk series. LetsWalk is an ongoing effort that aims to produce 100 character walk cycles.
DeeKay Kwon has completed 72 walk cycles successfully as of the time of this writing and has even worked with projects like Invisible Friends, Doodles, and Kibatsu Mecha.
9. Women Rise
The Women Rise initiative was started by acclaimed Pakistani-American author and artist Maliha Abidi. The project intends to increase inclusion and diversity in the NFT sector.
Women Rise contains 10,000 original works of digital art that were all created by computers and are all intended to represent women in order to achieve this goal. The women working on the project include professionals from many nations and backgrounds who work as scientists, activists, and programmers.
Ownership has additional benefits. For instance, buyers of the 100 Women Rise NFT are entitled to a free copy of the book “RISE: Extraordinary Women of Color Who Changed the World,” which tells the remarkable tales of 100 women from around the globe. Additionally, the 450+ hand-drawn qualities used to make the Women Rise collection were illustrated by the same artist.
10. Kibatsu Mecha
Jerry Liu, an artist and animator, produced Kibatsu Mecha, a collection of 2,222 hand-drawn, fully animated figures.
The rarity of Kibatsu Mechas varies, and they combine seven different attributes. A small number of Kibatsu Mechas will be designated “super rare” and have special qualities that are not shared by the other characters in the collection.
Finding the characteristics of a great NFT project or a worthwhile investment is not always simple. We put together projects that were more than just works of art while selecting the top NFT projects for 2022. (called Utility NFTs).
The term “utility NFT” refers to NFTs that give the artwork a specific purpose, such as admission to an event, exclusive in-person membership, or access to in-game items. Find a utility project that you would profit from when choosing what to search for in your first NFT buy.